1st Investment - A whole lot more to go.

[Yvette Fuertes]

Investment Info:

Condo buy & hold investment in Tampa.

Purchase price: $110,000
Cash invested: $37,000

Investment 01
After analyzing the property and the market I took the leap and purchased myself.
30% Down - 2.99% Rate - 15 year - Market Rental Rate - $1595 per month
Condo HOA Includes Trash, Water, Sewer, Outside Maintenance, Parking, Pool, Clubhouse
Minimal repairs needed and immediate cashflow the days after closing.

Next investment goals will be in Orlando, Florida & Puerto Rico.

What made you interested in investing in this type of deal?

This opportunity presented itself and I took it because of the cash flow potential it had.

How did you find this deal and how did you negotiate it?

Seller called me one day to list their condo. After meeting with them, and explaining their options I went home thinking that it was a good opportunity for in investor. I called the Seller, made an direct offer, no selling fee charges and they accepted.

How did you finance this deal?

My local bank approved me for a conventional loan for the amount of the deal.
Savings and 401K

How did you add value to the deal?

Offered direct purchase, no selling fees, no showings or open houses and 30 day close.

What was the outcome?

I am now the owner of my first cash-flowing rental.

Lessons learned? Challenges?

Shop around to other banks. I went directly to the bank I had a relationship for assistance but feel they could of done a better job. They weren't very knowledgeable about condo investment financing so it was a frustrating process.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I hope to collaborate with other investors, realtors, etc. for my next deals and learn as much as I can.

[Aubrey E Alleyne]

@Yvette Fuertes Congratulations on your deal, I have not looked much into Hillsborough county in the past but have invested in Pinellas County, Lake County, and Volusia County. Started to look in Orlando (orange county) but I have not found much success in buy and hold properties in good neighborhoods that I am comfortable to invest in, prices are at all time high pretty much like everywhere. It has made more sense for me thus far investing in the outside areas and collecting pretty much the same or close to the same in return for a fraction of the investment.

I definitely agree on the financing portion. I personally have 4 lenders (2 are brokers) that I call for all my deals to see who can get me the best rates and terms. Usually the brokers end up financing my deals because they can shop it out. I also have not found much success with banks, found that credit unions(usually local) give great deals.